in reply to my query about Rod's seven point plan for simplifying the LTV,
where i had trouble with point 4 about the necessity to have parasites
prior to surplus.
i said in a parasite free world the consumption workers have to make a
surplus to feed the capital goods workers.
he replied that i was think micro not macro.
not at all is my reply. unless you are talking about a world where call
machines have infinite lives, then even in a static world with some positive
depreciation, the economy overall has to produce a surplus over its current
consumption. i was just pointing out how this occurs.
kind regards
bill
#### ## William F. Mitchell
####### #### Head of Economics Department
################# University of Newcastle
#################### New South Wales, Australia
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